~t$ BRITISH COLUMBIA IN THE MATTER OF THE FINANCIAL INSTITUTIONS ACT RSBC 1996, CHAPTER 141
and TRANS GLOBAL INSURANCE COMPANY and TRANS GLOBAL LIFE INSURANCE COMPANY
CONSENT ORDER [5.253.1 and 241.1]
With Trans Global Insurance Company and Trans Global Life Insurance Company (together, the "Companies") consenting and upon the recommendation of staff of the Superintendent of Financial Institutions ("Superintendent"), the Superintendent makes the following determinations and orders:
1. The Companies provided the Superintendent of Financial Institutions with Undertakings under section 208 of the Financial Institutions Act ("Act") on June 30, 2011 which were accepted and received by the Superintendent on July 13, 2011.
2. Two of the Undertakings required the Companies, within a certain time period, to implement new procedures and controls with regard to a product distributor, and revise policy documentation, with regard to the sale of one of their creditor's group insurance products in British Columbia.
3. The Companies did not comply with the time restrictions in those two Undertakings.
4. However, the Companies did reach compliance with the two Undertakings within a short period of time after the time restrictions provided in the Undertakings.
5. The Companies shall each pay an administrative penalty in the amount of $12,000, within 30 days of this Order, pursuant to section 253.1 of Act;
Superintendent of Financial Institutions 1200-13450102'" Avenue Surrey, BC V3T 5X3 Telephone: 604-953-5300 Facsimile: 604-953-5301
http://www.fic.gov.bc.ca
2 6. The Companies shall, jointly and severally, pay costs associated with the investigation of this matter of compliance in the amount of $1,000, immediately upon execution of this Order, pursuant to section 241.1 of the Act.
7. The Companies waive their right of appeal under section 242 of the Act. APPROVED AS TO FORM AND CONTENT: ~ Sandra A. Wilkinson Solicitor for the Staff of the Superintendent of Financial Institutions
APPROVED AS TO FORM AND CONTENT AND CONSENTED TO BY: Trans Global Insurance Company and Trans Global Life Insurance Company
Jill E. utcheon Solicitor for Trans Global Insurance Company and Trans Global Life Insurance Company
Dated at the City of Surrey, Prov;9fe of Briti~n{:olumbia this- D day ofU~-; 2011. ( ...~ .~ C· ':~>~-. " ... , c_"'-~~'"--v"''''''-~Y--'----- -~J /'----- [ -'--. _______ Carolyn Rogers Superintendent of Financial Institutions Province of British Columbia